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RPA is going to have a profound impact across most organizations. A joint assessment by Arvato and AT Kearney found that RPA is set to automate 41 percent of finance back office processes within five years and 53 percent within a decade.

Implementation of Robotic Process Automation (RPA) is set to significantly boost firms’ productivity and efficiency, as bots are 20 times faster than humans with a 10 per cent lower error rate. Subsequently, companies that adopt this technology, could potentially receive an RIO of between 300 and 1,000 per cent over a three-year period.

It’s also predicted that the widespread roll-out of RPA solutions will result in an annual compound market growth of 50 per cent, with the global market set to be worth $5billion by 2020.

New developments

The research also predicts that by 2023, RPA, with the help of cognitive capabilities, will be able to make automated decisions, and by 2028 robots will be able to carry out most back-office processes independently with minimal human intervention.

The new report, named ‘Robotic Process Automation: The impact of RPA on finance back-office processes’, interviewed more than 20 technology partners and players in the field of RPA, gathering together their view on the trends and developments within the sector.

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